So often is the case that a famous person bites off more than they can chew. Whether it be houses, jewelry, or friends, people who have money seem to spend money. Unfortunately, the latest celebrity (kind of) to file for bankruptcy is Dina Lohan. Dina has been an actor, producer, talent manager, singer, and more in her career which has netted her an estimated $1.3 million.
The Divorce
In 2007, Dina’s divorce was finalized. Her 22-year marriage to Scott Lohan was marred by alcohol, cocaine, and physical abuse. Dina maintained custody of their 3 younger kids and the kid’s childhood home which had a mortgage of $1.5 million.
Property Debt
As previously stated, Dina got to keep the home and the $1.5 million in debt that came with it. Dina has made a decent amount of money throughout her career, but in 2017 the mortgage became too much for her to handle. The house went into foreclosure even though Lindsay gave her $40,000 to help. Dina eventually lost the home because she did not respond to the suit within 90 days of the suit filing. If Dina had read “So You Are Behind on Your Mortgage Payments and You Are Facing Foreclosure” she would have known better.
Taxes and Other Debt
Dina owes thousands in taxes to New York and California. It is estimated that she owes $4,651 to California and at least $9,000 to New York state. In addition to state taxes, Dina owes over $45,000 to the IRS, over $10,000 for her Honda, and over $10,000 to her kid’s high school.
Debt can feel insurmountable. Debt can BE insurmountable. When this is the case, bankruptcy is a perfectly valid option. It is a legal tool designed to help an individual (or business) get out from under the thumb of creditors. People can be forced to file for bankruptcy for many reasons and, while it is not ideal, it can help you move on with your life. If you are constantly being harassed by creditors and you are ready for a change, contact Elias Dsouza at Dsouza Legal Group. Elias has been helping individuals and businesses navigate the complex process of filing for bankruptcy for over 15 years. He has the skills to enable you to move forward with your life.
